Share Class
LU0592698954
An all-inclusive, sustainable Emerging Market solution
- Accessing a rich and heterogenous universe of EM bonds, equities, and currencies in a sustainable manner.
- Offering portfolio diversification by exploiting decorrelations between regions, sectors and asset classes.
- Dynamic and flexible management to quickly adapt to market movements.
Key documents
Asset Allocation
Equities47.2 %
Bonds41.7 %
Other11.1 %
Data as of: Feb 27, 2026.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 64.4 %
+ 63.6 %
+ 11.3 %
+ 23.9 %
+ 22.5 %
To 07/04/2026
Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024Calendar Year Performance 2025
+ 9.8 %
+ 7.3 %
- 14.4 %
+ 18.6 %
+ 20.4 %
- 5.2 %
- 9.6 %
+ 7.8 %
+ 1.9 %
+ 14.2 %
Net Asset Value
164.44 €
Asset Under Management
340 M €
Net Equity Exposure27/02/2026
23.9 %
SFDR - Fund Classification
Article
8
Data as of: Feb 27, 2026.
Data as of: Apr 7, 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
![[Management Team] [Author] Hovasse Xavier](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-%5BAuthor%5D-Hovasse-Xavier-1.png?auto=format%2Ccompress&fit=fill&w=3840)
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Alessandra ALECCI
Fund Manager
Our aim is to bring together our best emerging market investment ideas in a single Fund.
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Carmignac Portfolio Emerging Patrimoine fund performance
Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.
Our monthly comments
Data as of: Mar 31, 2026.Fund management team
Xavier HOVASSE
Head of Emerging Equities, Fund Manager
Alessandra ALECCI
Fund Manager
Performance commentary
- Over the month, the Fund delivered a negative performance.
- On the Equity side, we were impacted by the decline of our S. Korean holdings (SK Hynix, Samsung) that suffered from the selloff of Asian Markets amid energy price shock as well as our platform businesses, amid concerns over weaker profitability prospects driven by increasing competition in AI.
- The Fund’s hard-currency sovereign exposure also detracted from overall performance, notably due to the weakness of our positions on Egypt and Romania external bonds. However, our credit protection strategies helped offset most of these losses.
- Even though we reduced our exposure to EM local bonds, our local rate positions detracted from performance, particularly our positions in South African and Polish bonds.
- Currencies had a negative overall contribution. While a few positions, such as the Kazakh tenge and Thai baht, contributed positively, most of currencies weighed on performance, notably the US dollar and the South African rand.
Outlook strategy
- Against a backdrop of escalating geopolitical tensions and a broad market sell-off, we have reduced the overall risk profile of the portfolio by increasing our selectivity and focusing on relative value opportunities. We notably reduced our net equity exposure from 24% to 9% and lowered our modified duration from 230bps to around 140bps.
- In a context of elevated energy prices and a resurgence in inflationary pressures, we maintain our exposure to inflation-linked bonds in selected markets (Brazil, and Poland),
- We remain invested in local currency debt, although we slightly reduced our exposure over the month. We favored markets such as South Africa and Poland, as well as selected Latin American countries, and added a tactical position in Romania.
- Despite a more unstable environment, we maintained a stable allocation in hard currency sovereign debt, keeping our core convictions in Romania, Côte d’Ivoire, and Egypt. We also increased our exposure to Ecuador and strengthened our credit protection strategies, notably through CDS on indices and single names.
- On equities, we maintain a positive bias, focusing on companies with structural growth, high earnings visibility, and strong balance sheets. Asia remains a core pillar of the portfolio, notably through exposure to the artificial intelligence value chain, with high-conviction positions in SK Hynix and TSMC, alongside diversification into China and Latin America. Over the month we reduced our exposure to India, reflecting near-term headwinds including capital outflows, weaker liquidity, slowing earnings growth and currency pressures, while maintaining strong conviction in its long-term potential.
- Finally, we significantly reduced our exposure to the euro (around 25%) and increased our US dollar exposure (around 36%). In emerging currencies, we increased our exposure to selected Latin American currencies benefiting from higher energy prices.
Performance Overview
Data as of: Apr 7, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
Until 31/12/2012, the reference indicators' equity indices were calculated ex-dividend. Since 01/01/2013, they have been calculated with net dividends reinvested. Until 31/12/2021, the reference indicator was 50% MSCI Emerging Markets index, 50% JP Morgan GBI - Emerging Markets Global Diversified Index. The performances are presented using the chaining method.
From 01/01/2013 the equity index reference indicators are calculated net dividends reinvested.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 08/04/2026
Carmignac Portfolio Emerging Patrimoine Portfolio overview
Below is an overview of the composition of the portfolio.
Asset Allocation
Data as of: Feb 27, 2026.| Equities | 47.2 % |
| Bonds | 41.7 % |
| Cash, Cash Equivalents and Derivatives Operations | 11.1 % |
| Credit Default Swap | -27.5 % |
To Access the weekly view
Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.
Exposure Data
Data as of: Feb 27, 2026.Equity Investment Weight47.2 %
Net Equity Exposure23.9 %
Active Share90.2 %
Modified Duration2.3
Yield to Maturity6.4 %
Average RatingBBB-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
To Access the weekly view
Articles that may interest you
Press release • February 11, 2026 • English
Carmignac bolsters emerging market debt capabilities
2 minute(s) read
Strategies insights • November 11, 2025 • English
The New Asian Tigers: At the heart of the artificial intelligence revolution
3 minute(s) read
Did you enjoy the fund page?
Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
Market environment